Business & Real Estate

Merger of SACTO and Sacramento CEOs group delayed

The pending merger between SACTO and the fledgling Greater Sacramento Area Economic Council has been delayed a couple of weeks as officials work to finish the merger documents.

SACTO, the 40-year-old Sacramento Area Commerce and Trade Organization, had planned to have its board of directors vote this week on a definitive merger agreement with the Area Economic Council, an organization formed by local chief executives.

Instead, the board vote has been pushed back to the first or second week of December. The earlier timeline was “too ambitious” given the complexity of the merger, SACTO President Barbara Hayes said in a message to board members.

Assuming the SACTO board OKs the deal, the organization’s 368 members will vote on the merger by mail, a process that could take a month.

The SACTO board has already agreed to a tentative term sheet with the Area Economic Council.

The merged entity will take the Area Economic Council’s name. The organization was formed earlier this year by CEOs who felt the Sacramento region needed more firepower in recruiting new businesses to the area.

Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.